President Trump’s Executive Order that would terminate the Green New Deal could end up putting New Yorkers on the hook for the state’s nation-leading clean energy plan –that’s a warning from NYS Comptroller Tom Dinapoli.
Dinapoli has a new report out that warns that close to two billion federal dollars in funding to help finance New York’s ambitious clean energy goals could be in jeopardy if the Inflation Reduction Act dollars earmarked for energy are held up. And if the money dries up–meaning if there are delays or cuts to the IRA funds, consumers may bear the brunt in higher utility bills.
While New York State agencies and authorities have been awarded grants totaling more than 1.3 billion dollars to reduce greenhouse gas emissions and support incentive programs, only a small portion of that funding has actually been distributed, leaving New York still waiting for most of the federal money it was counting on.
And consumers making clean energy and clean vehicle choices would also lose expected rebates and refunds. The Deputy Comptroller for Budget and Policy Analysis, Maria Doulis, says:
Should Washington eliminate these federal grants, New York would lose out on significant funds that were intended to come to this state.
Interestingly, Doulis tells me New Yorkers have been surprisingly reluctant to take advantage of tax credits for buying energy efficient big-ticket items. Only 2.2 percent of those who made a purchase actually claimed the credits. She encourages people to do so quickly in case the funds do dry up.